While the Emirate of Dubai is studying the Dh120 billion expansion of Al Maktoum International Airport, real estate brokerage firm "W Capital" expects a revival in demand for real estate in Dubai South, a region strategically positioned for potential growth, especially with the rapid expansion of Dubai South.
Dubai South is the largest urban real estate development area in Dubai, with a focus on providing an integrated system for the aviation and logistics services sector. The district includes Al Maktoum International Airport, which when completed will be the largest airport in the world, enhanced by a multimodal transport infrastructure, connected by air, land and sea gateways.
The project is intended to be a global transport hub that will make a significant contribution to the economic growth of Dubai in particular and the UAE in general. It also includes a free zone providing a business and lifestyle community as it offers a diverse range of homes and flats to suit different lifestyles.
"Dubai's approach to resuming one of its largest construction projects represents a significant new boost to the emirate's economy and, in particular, to the real estate sector's expectations," said Walid Al Zarooni, CEO of C "W Capital. At the same time, Dubai continues to consolidate its position as a global hub for tourism, business and innovation, as evidenced by the increasing number of investors and end-users choosing to buy property in the emirate," he added.
Al Zarooni noted that the area of Dubai South adjacent to Maktoum International Airport is witnessing tremendous momentum in construction and urbanisation activity, with increasing demand from real estate developers to launch their residential and commercial projects in the area.
Dubai South is an emerging area of 145 square kilometres representing a city in the Emirate of Dubai, which is expected to accommodate one million people when completed. Launched in 2006, the city embodies the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai - may God bless him - to highlight its urban and community elements in full accordance with the Dubai Plan 2021.
These elements aim to transform it into a city where happy, creative and empowered residents live, in addition to being an integrated and cohesive complex, a preferred place to live, work and invest, a smart and sustainable city, and a major hub for the global economy. Dubai South's economic platform supports all types of businesses and industries.
Walid Al Zarooni added that Dubai is keen to continually improve the performance of air transport, particularly by facilitating procedures for visitors to stay at hotels near the airport.
Al Zarooni explained that the greatest motivation for the construction of Al Maktoum Airport was the maximum capacity of Dubai International Airport, noting that the establishment of Al Maktoum Airport is a reflection of the Dubai government's vision based on a strategy to improve and strengthen the emirate's tourism sector.
The development of Al Maktoum Airport, also known as Dubai World Central, was officially announced in 2014 and aims to become the world's largest airport by 2050, with a capacity of 255 million passengers per year. The initial development phase of the project plans to increase the airport's annual passenger capacity to 130 million by 2030, if the same timeline previously announced is applied.
Al Zarooni expects real estate sales to be brisk for off-plan projects in the southern part of Dubai, in addition to the acceleration of hotel projects near the airport. The region is witnessing huge land sales deals where residential and commercial projects are expected to be built on the land.
"The establishment of a huge infrastructure linking air, land and sea transport hubs will enhance the attractiveness of the region to launch many investment initiatives and expand in all commercial sectors, all of which are conducive to residential real estate activity," continued Al Zarooni. The airport is located close to Dubai Expo, which is hosting the organisation of the exhibition between October 2021 and March 2022.
"The airport development works coincide with the Dubai City Master Plan 2040, which aims to increase the population by 76% to 5.8 million people by 2040, explained the CEO of W Capital, noting that residents are the future customers who continue to meet real estate needs.
